by Cindy Huynh
Coinsource, a bitcoin teller machine (BTM) network, announced on April 12, 2018, a deployment of 20 BTMs in the Washington, D.C. metropolitan area. The bitcoin ATM network will have a total of 182 Coinsource machines in 18 states. Zimbabwean cryptocurrency exchange Golix will also be installing a BTM. Unlike Coinsource, Golix’s BTM will be the first in Zimbabwe.
“We are meeting Washington D.C. at an inflection point, where regulators are looking at the value and potential of decentralized currencies and blockchain technology,” said Sheffield Clark, CEO of Coinsource. “We are happy to be now servicing Washington D.C. and the surrounding communities so that they can have easy access to buying and selling bitcoin.”
According to Crowdfund Insider, Coinsource received significant demand from cryptocurrency users to expand into Washington D.C. Their demand continues to grow after launching ten machines in Rhode Island, New Hampshire, and Massachusetts in February. Coinsource also introduced eight new BTMs in Denver and Colorado in early April 2018.
While Zimbabwe has problems with financial inclusion, Golix sees great potential for the use of cryptocurrencies in the country. Golix activated the first bitcoin ATM in early April 2018 at its offices along First Street, Harare.
Coinsource Expands Operation in the US
According to the latest record from Coin ATM Radar, there are approximately 2,753 bitcoin ATMs in the US. The US currently has the highest number of bitcoin ATMs which account of 75.75 percent of the global total.
Washington D.C. currently has five machines installed by five different companies. With the bitcoin ATM deployment in Washington D.C., Coinsource will become the largest bitcoin ATM network in the area. “We are expanding the bitcoin ATM market further than it’s ever been in D.C., offering the lowest rates, exclusive remote enrollment and allowing for at-home account registration,” said Bobby Sharp, Chief Marketing Officer of Coinsource.
Coinsource CEO Sheffield Clark also stated that “our goal is to give everyone the equal ability to access bitcoin, particularly in times of record demand, and participate in this soaring new economy. Part of making this marketplace accessible is making sure our fees are less than half that of any other operator, and customers will be given fee-free transactions for first-time use of any new machine.”
Coinsource will build the ATMs in convenient locations across the area. These areas include a dozen in Washington DC, one in Takoma Park, one in Oxon Hill, one in Towson, and five in Baltimore.
Due to the increasing cryptocurrency demand, there is an emerging trend of ATMs across the world. While the US is expanding its network, Zimbabwe has quickly joined in by installing its first bitcoin ATM.
Golix Deploys its Bitcoin ATM in Zimbabwe
“We felt that the bitcoin ATM would be a huge and necessary step towards engaging people on how they can use cryptocurrencies for their daily business,” said Yeukai Kusangaya, product manager of Golix. “For anyone who has used a traditional ATM, they won’t struggle to find their steps when they are using the bitcoin ATM.”
According to The Herald, Golix spokesperson Nhalwenhle Ngwenya also mentioned that the BTM allows anyone to buy and sell bitcoin using the greenback. It is also Zimbabwe’s only bitcoin ATM that dispenses US dollars to its customers.
Furthermore, the machine will automatically generate a bitcoin wallet for users who do not already have one. The “machine provides convenience to customers, especially first time users of cryptocurrencies, and the unbanked without access to digital funds,” said Ngwenya.
Golix may be experimenting with this first BTM to determine whether a large-scale national operation is possible. If there is strong demand for this service, the firm may expand its services across the nation. In December 2016, BTCManager reported on how the bitcoin ecosystem is benefiting those in Zimbabwe, and more recently, DASH secured a deal in the country with Kuvacash, a mobile wallet aiming to protect Zimbabweans from hyperinflation.